Fox Sees Political Ad Surge, But Growth Concerns Prompt Analyst Downgrade
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Seaport Research analyst David Joyce downgraded the rating on Fox Corp (NASDAQ:FOX) (NASDAQ:FOXA) to Neutral from Buy. The typical September seasonality in the market led to the downgrade.
The analyst observed the political and TV station landscape to derive where the most significant amount of political ad spending may take place, driven by races likely to be competitive, from Presidential swing states to Senate, House, and Gubernatorial races.
With Fox Corp’s business model focused on the U.S. and with a primarily traditional media footprint that is most impacted by political ad spending, from its Fox News Channel to its local TV stations that cover 39% of the country, …
Full story available on Benzinga.com
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